OJSC Power Machines presents its financial reporting for the second quarter and first half-year, 2010, RAS

OJSC Power Machines framed the financial statements for the second quarter and first half-year, 2010, drawn up by the Russian Accounting Standards (RSA).

The revenue for the first half-year 2010 made 18,206,427,000 rubles, and it is less than in 2009 by 11%. Meanwhile the gross profit in the first half-year 2010 went beyond the first half-year 2009 by 33% and made 6,597,651,000 rubles. The profit on sales increased by 44.6% as to the same figures in 2009 and made 4,156,114,000 rubles. The net profit in the first half-year 2010 made 2,654,073,000 rubles that is by 12% more than in 2009 (2,368,140,000).

On the whole the Company’s semiannual reporting shows a positive momentum in main figures that came as a result of the ambitious programme to reduce costs, aiming to minimise the production costs and optimise the procurement activities.

Compared to the results of the second quarter 2009, the second quarter 2010 is marked by 33% net profit growth (1,220,170,000 rubles in the second quarter 2010, 930,298,000 rubles in the second quarter 2009). Net profit slight decrease (by 14.91%) in the second quarter 2010 as to the first quarter 2010 is caused by the increasing burden of unprofitable contracts with Sipat and Barh Thermal Power Plants (India) made in 2004–2005, considering contracts’ execution of the current reporting period compared to the previous one.


Financial Reporting of OJSC Power Machines for the first half-year, 2010
by the Russian Accounting Standards

Parameter

Reporting period

Same period last year

Deviation (%)

Revenue

18,206,427

20,388,858

89,30%

Net cost

(11,608,776)

(15,431,492)

75,23%

Gross profit

6,597,651

4,957,366

133,09%

Profit (loss) on sales

4,156,114

2,873,683

144,63%

Net profit (loss)

2,654,073

2,368,140

112,07%